We have had a good run already up from 1.30 then 1.80
just reread maquarie repprt
, with the share price rising>50% from its early December 2013 low of A$1.30/sh.That said, while an Ungani development continues to be de-risked, the share price is already factoring in an unrisked core 9.9mbbls development, the upside 20mmbbl case, a further Ungani North development and a risked assessment of 2014 Ungani trend exploration program. Consequently we believe that either greater Ungani exploration success or further progress surrounding the more transformation Laurel tight gas play will have to be delivered this year to see further performance from here.
